# CPN: 45% Increase to MRE at Kelpie Tin Deposit - Amended Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/cpn-45-increase-to-mre-at-kelpie-tin-deposit-amended--81dd7432-314e-4b34-ae7f-73f712538f63 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03151184 Publisher: asx Original announcement: 2026-10-12T02:05:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-12T02:11:32.876Z Atlas analysis updated: 2026-10-12T02:11:32.876Z - Company: Caspin Resources Limited - Ticker: CPN - Exchange: ASX - Region: New South Wales - Primary commodity: Tin - Secondary commodities: None reported - Document categories: Resource update - Extracted: 2026-10-12 02:11:33 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Caspin Resources Limited announced a significant update to the Mineral Resource Estimate for its Kelpie Tin Deposit, reporting 6.5 Mt at 0.43% Sn for 28 kt of contained tin. This represents a 45% increase in contained tin since the September 2025 maiden MRE and includes a maiden Indicated MRE, which accounts for 25% of the total resource. The updated estimate, constrained within an open pit shell, demonstrates strong potential for a viable stand-alone, high-grade tin development. Reasoning: The updated Mineral Resource Estimate for the Kelpie Tin Deposit shows a substantial 45% increase in contained tin and introduces a maiden Indicated category, significantly de-risking the project and supporting its potential as a viable open-pit development. - Positive factor: 45% increase in contained tin - Positive factor: Maiden Indicated MRE established \(25% of total\) - Positive factor: MRE constrained within an open pit shell - Positive factor: Excellent potential for further resource growth - Positive factor: Supports stand-alone, high-grade, open pit tin development - Positive factor: JORC 2012 compliant - Positive factor: Competent Person sign-off Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 2 ## Classification and evidence **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: The document highlights a '45% increase in contained tin since September 2025 maiden MRE'. Evidence · text > 45% increase in contained tin since September 2025 maiden MRE **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: The announcement explicitly states 'Maiden Indicated MRE representing 25% of the total MRE'. Evidence · text > Maiden Indicated MRE representing 25% of the total MRE **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The updated MRE includes a 'Maiden Indicated MRE representing 25% of the total MRE'. Evidence · text > Maiden Indicated MRE representing 25% of the total MRE **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Mr Michael Job, a Fellow of the Australasian Institute of Mining and Metallurgy and independent consultant, is named as the Competent Person for the Mineral Resources. Evidence · text > Mr Michael Job, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Job is an independent consultant employed by Cube Consulting and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee \(JORC\) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: Table 1 clearly states the 'Cut-off Grade \(%\)' as 0.15 for both Indicated and Inferred categories. Evidence · table > 0.15 Context: Indicated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The document states that 'The MRE is reported in accordance with the JORC Code \(2012\)'. Evidence · text > The MRE is reported in accordance with the JORC Code \(2012\). **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The MRE includes 5.1 Mt of Inferred resource, which is a speculative category. Evidence · table > 5.1 Context: Inferred **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document announces an 'Updated Mineral Resource Estimate \(MRE\)' for the Kelpie Tin Deposit. Evidence · text > Updated Mineral Resource Estimate \(MRE\)of 6.5Mt @ 0.43% Sn for 28kt of contained tin ## Extracted facts Stored fact records: 2. Some facts used in scoring do not have a stored record. ## Resource Estimates (2) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cpn-45-increase-to-mre-at-kelpie-tin-deposit-amended--81dd7432-314e-4b34-ae7f-73f712538f63#fact-resource-facts-0) Kelpie Deposit · tin #### Identity - Project: Kelpie Deposit - Commodity: tin - Region: australia\_nsw - Reported Region: New South Wales - Ticker: CPN #### Resource scope - Estimate type: resource - Effective date: 2026-10-12T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Michael Job - Resource group id: resource:8795baa32d0ea2e5f0b6 - Deposit or zone: Kelpie Deposit - Mining method: open\_pit - Material type: fresh - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 1400000 - Grade: 0.47 - Grade Unit: % - Contained Metal: 7 - Contained Unit: kt - Cutoff Grade: 0.15 - Cutoff Unit: % Sn #### Prior Estimate - Resource Date: 2026-10-12 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-12T00:00:00.000Z Reasoning: The establishment of a maiden Indicated Resource for tin at Kelpie significantly de-risks the project, providing a higher confidence category suitable for economic evaluations. - Positive factor: Maiden Indicated Resource - Positive factor: High confidence category - Positive factor: Supports economic studies Evidence · table > 0.47 Context: 1.4 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cpn-45-increase-to-mre-at-kelpie-tin-deposit-amended--81dd7432-314e-4b34-ae7f-73f712538f63#fact-resource-facts-1) Kelpie Deposit · tin #### Identity - Project: Kelpie Deposit - Commodity: tin - Region: australia\_nsw - Reported Region: New South Wales - Ticker: CPN #### Resource scope - Estimate type: resource - Effective date: 2026-10-12T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Michael Job - Resource group id: resource:2b1f7ed8706272a2d7f1 - Deposit or zone: Kelpie Deposit - Mining method: open\_pit - Material type: fresh - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 5100000 - Grade: 0.41 - Grade Unit: % - Contained Metal: 21 - Contained Unit: kt - Cutoff Grade: 0.15 - Cutoff Unit: % Sn #### Prior Estimate - Resource Date: 2026-10-12 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-12T00:00:00.000Z Reasoning: The Inferred Resource contributes significantly to the overall tonnage and contained metal growth, although it represents a lower confidence category compared to the new Indicated portion. - Positive factor: Significant tonnage contribution - Positive factor: Part of overall resource growth - Negative factor: Lower confidence category Evidence · table > 0.41 Context: 5.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.